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‘Enforcement 40’ for 2020
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Morgan Keegan wins dismissal of SEC lawsuit
Judge finds firm adequately disclosed the debt’s risks to investors.
Dow Corning’s $165 Million Case Against Merrill Lynch Survives Motion to Dismiss
ARS case survives motion to dismiss due to allegations of “specific misrepresentations.”
SEC Issues Wells Notice to Morgan Keegan Related to ARS Liquidity Disclosures
Morgan Keegan & Co. Inc., a subsidiary of Regions Financial (RF), disclosed this week in RF’s Form 10-Q filing with the SEC that the SEC staff issued it a Wells Notice in March indicating that it intends to recommend enforcement action to the Commission. According to RF, In March 2009, Morgan Keegan & Company, Inc. […]
California AG Sues Wells Fargo for $1.5 Billion Over ARS Sales
The state of California sued Wells Fargo yesterday alleging that the bank misled investors about the safety and liquidity of the auction-rate securities that it sold. DealBook reports that the lawsuit seeks $1.5 billion from Wells Fargo. In a statement yesterday, Attorney General Jerry Brown (pictured) said that “Wells Fargo’s affiliates promised investors auction-rate securities […]
Court Dismisses ARS-Related Securities Class Action Against UBS
On Monday, Judge Lawrence M. McKenna of the SDNY dismissed the securities class action against UBS, which alleged that the bank misled investors when it sold them auction rate securities. The court ruled that the case could not continue because UBS had already reached a $19.4 billion settlement in the matter in August with the […]